Iofina PLC (AIM:IOF, OTC:IOFNF) has announced today that its IO#9 IOsorb plant is now operational and, following hydrotesting, the plant has commenced the flow of brine water.
Situated in a new core area with substantial oil and gas drilling activity, IO#9 represents the company's sixth plant in Oklahoma, developed in collaboration with a new partner. Iofina anticipates a swift return on investment as the production from IO#9 is expected to significantly enhance the group's overall output. The rates are projected to increase by 100-150MT (million tonnes) of crystalline iodine annually.
At present, IO#9 is channeling brine water through the system and will soon undergo the process of concentrating and isolating iodine. Over the forthcoming weeks, the plant will ramp up production.
In a statement, Dr Tom Becker, president and CEO of Iofina, expressed his satisfaction, commenting: "We are delighted to have IO#9 flowing brine water through our system, and meeting our end of Q2 target for the start of production. The new plant is on track to make a significant contribution to our total crystalline Iodine production through the second half of the year."
Iofina's IO#9 facility signifies a strategic expansion in an area marked by robust oil and gas drilling activity, fostering a favorable environment for enhanced productivity.
With its sixth operational plant now online, Iofina aims to further strengthen its position as a key player in the exploration and production of iodine, meeting the growing global demand for this essential chemical.